Posted by Dave Seager, consulting adviser to Legal Futures Associate SIFA Professional
Seager: Third-party partners can be valuable resources
Three years ago, as we came out of the pandemic and law firms, like other professional services businesses, were reflecting on what the new normal should look like, I wrote a blog with this title. At that time, December 2021, Christmas parties were in the news for all the wrong reasons.
Leading up to Christmas this year, whilst you prepare for ‘legal’ parties, pun intended, it might be a quieter time to reflect on trends, issues and regulation, and how they might impact your firm.
With the SRA currently consulting on its new business plan for the next 12 months, within its wider three-year plan, and the good old Competition and Markets Authority still pushing for even more transparency and ‘quality indicators’, there is so much to consider and take on board.
Running through all this simultaneously is the need to embrace and best utilise technology.
Consequently, I hope these 12 festive checklist ideas might prompt some business-level soul searching, or better still you can read and tick them off as done or at least, in progress…
1. Conduct or revisit your due diligence on all the third parties to which your team is permitted to refer clients, to ensure all recommendations, where complementary advice is needed, are in your clients’ best interests.
2. Ensure that these third parties selected are known to all relevant staff and that everyone understands that these are the partners chosen for your firm-wide process under the firm code of conduct.
3. Are you confident all your staff are regularly undertaking learning that is relevant to their roles? Using your carefully selected third-party allies here can be valuable. For example, who better to offer education to a family solicitor operating in the divorce arena than a financial adviser who specialises in the financial aspects of the divorce?
4. Consider whether it would be beneficial if the complementary advice and services these partners can offer might be marketed to your existing client bank?
5. Are you fully compliant with the transparency rules and might you go further than required? Your website is your shop window and the place to make the finest first impression top the browsing potential future client.
6. Does your site offer opportunities for client engagement and interactivity? If not, you may be missing a trick as research indicates that potential new customers do like tools, calculators and, dare I say it, even chatbots.
7. Have you embraced the SRA pilot with comparison and review websites or considered engaging with them for your firm? If, like most COLPs, you do not think these sites are appropriate for legal services, what is your alternative strategy to demonstrate the quality of your services?
8. Following on from this, it is well worth remembering that the Legal Services Consumer Panel research this year suggested that 13% of your new business is by referral from other professional firms. Many of these will be from financial partners who need their clients to have lasting powers of attorney and wills, so have you thought of special terms for such partners’ clients?
9. Is now the time to start using short video testimonials from happy clients and partners such as partner financial planners who regularly recommend new clients to you? This is not necessarily an expensive exercise and can be far more powerful and convincing then written testimonials.
10. Have you taken on board the SRA and Law Society communications and edicts on lawtech, and do you have a firm strategy to make the best use of the technology you have adopted?
Back offices and customer relationship management software are used incredibly effectively by the financial planning community to keep in touch with clients and introduce new and relevant further service or information to them. These are powerful tools that when properly utilised can change a one-off transactional customer into a client who feel valued and looked after.
11. Are you comfortable with your social media strategy – indeed, do you have one? Yes, social media can be divisive and frivolous, but it can also offer a platform to demonstrate the knowledge, quality and approachability of your firm and individuals in your team. Posting articles and blogs that bring people to your website works for many of your award-winning peers.
12. Lastly and crucially, now might be a great time to seek feedback from your existing clients about your services, how they feel about you and what they want from you going forwards. Don’t be afraid to ask searching questions, don’t be surprised if many of the themes in 1-11 are prevalent and be committed to act on what they tell you.
Thanks for taking the time to read this quite serious blog, poorly disguised as festive fun, and I hope it assists your firm plan for a successful client-centric 2025.
Merry Christmas from all at SIFA Professional.
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